Any remaining notion of a 'recovery summer' has now been put to rest.
"Job losses continued to mount in the U.S. economy last month, though at a more modest pace than expected, putting further pressure on policy makers to take action to spur growth and employment.
A separate report indicated the U.S. nonmanufacturing sector expanded at a much slower pace last month.
Nonfarm payrolls fell by 54,000 last month, matching the level of revised losses recorded the previous month, the U.S. Labor Department said Friday. The revision in July layoffs to 54,000 followed an original estimate of a 131,000 drop in payrolls.
The unemployment rate, calculated using a separate household survey, edged up to 9.6%, as expected, after holding at 9.5% for previous two months."
To put this in the contexts of the last year; after rising to %9.5, 'fake' falling to %9.4, rising to %9.7, and then rising again to 9.8%, and rising again to 10.2%, dropping to 10%, held steady, dropping to 9.7%, held steady, held steady again, increased to 9.9%, dropped to 9.7%, fell to 9.5%, holding steady, and the rising a tick to 9.6%.